Foxconn Posts Record Revenue for Q4, Driven by AI Demand

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Taiwan’s Foxconn (2317.TW), the world’s largest contract electronics maker, exceeded expectations by posting its highest-ever revenue for the fourth quarter, fueled by strong demand for artificial intelligence (AI) servers. Revenue surged 15.2% year-on-year, reaching T$2.13 trillion ($64.72 billion), surpassing the anticipated T$2.1 trillion, as reported by LSEG SmartEstimate. Foxconn’s cloud and networking products division saw notable growth due to AI server demand, particularly from clients like AI chipmaker Nvidia (NVDA.O).

While the smart consumer electronics segment, including iPhones, saw flat growth, December alone brought in T$654.8 billion, marking a 42.3% increase compared to the previous year. Looking ahead, Foxconn anticipates a slower performance in Q1 2025, consistent with seasonal trends but still reflecting significant year-on-year growth. The company’s shares rose 76% in 2024, outperforming Taiwan’s broader market growth of 28.5%.

 

Mazda to Build Automotive Lithium-Ion Battery Pack Plant in Southwest Japan

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Mazda Motor announced on Monday that it will construct a new plant in Iwakuni City, located in southwest Japan, for the production of module packs for automotive cylindrical lithium-ion battery cells. The new facility will be situated in Yamaguchi Prefecture and will focus on assembling modules and packs using cylindrical lithium-ion battery cells sourced from Panasonic Energy, Mazda said in a statement.

 

Italy in Advanced Talks for $1.55 Billion Security Services Deal with SpaceX

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Italy is reportedly in advanced negotiations with SpaceX for a deal worth 1.5 billion euros ($1.55 billion) to provide secure telecommunications services to the government, according to Bloomberg News. The deal, which would span five years, is set to include a range of services, including secure encryption for government communications and satellite services for Italy’s military operations in the Mediterranean and emergency response efforts.

Although the discussions are ongoing and a final agreement has not been reached, the project has received approval from Italy’s Intelligence Services and Defence Ministry, as per the report. The deal would also see the implementation of SpaceX’s satellite services for use in situations such as terrorist attacks or natural disasters.

The talks occur in the context of increasing ties between Italian Prime Minister Giorgia Meloni and SpaceX’s Elon Musk, who is also a close ally of former U.S. President Donald Trump. Additionally, Italy plans to begin testing Starlink satellite-based connectivity for enhancing high-speed internet rollout across the country.